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© ljupco smokovski dreamstime.com Business | December 11, 2017

3M to sell its Communication Markets Division

3M says that it has entered into agreements related to the sale of substantially all of its Communication Markets Division to Corning Incorporated, for USD 900 million.
This business consists of optical fiber and copper passive connectivity solutions for the telecommunications industry including 3M’s xDSL, FTTx, and structured cabling solutions and, in certain countries, telecommunications system integration services. This business has annual global sales of about USD 400 million.

“After completing a thorough strategic review, we believe that this business will be well positioned with Corning,” said Ashish Khandpur, executive vice president, Electronics & Energy Business Group. “I want to thank our Communication Markets Division team for their outstanding contributions.”

The sale expected to be completed in 2018. Approximately 500 3M employees are expected to join Corning upon completion of the transaction.

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January 20 2018 1:29 pm V9.1.4-2